The global crypto market faced one of the worst weekends. Bitcoin Price plummeted below $18k however, the flagship currency saw a short-term recovery surging above $20K. BTC’s price is currently trading at $20,803.03.
Following the trend, major altcoins also turned green today, with Ethereum’s price climbing double digits and currently trading above $1,000.
Popular Crypto Analyst, Kevin Svenson recently spoke about the bitcoin bottoming trend in his recent video. As per the analyst Bitcoin bottomed out around the $17,000 before igniting a relief rally to above $30,000.
Massive Crypto Liquidations Coming Soon
Former BitMEX CEO Arthur Hayes has warned cryptocurrency investors that there may be more forced selling in the near term.
Mentioning the famous quote of the warren buffet, Arthur says that the market figures out who is swimming naked.
Over the weekend, the price of bitcoin hit its lowest level since December 2020, hitting $17,000. At this point, major players like Celsius and Three Arrows Capital may be forced to sell.
In a recent post, Arthur is looking at a particular time frame when crypto could capitulate as panic sellers flood a bidless market.
“By June 30 (end of the second quarter), the Fed will have enacted a 75 basis point rate hike and begun to shrink its balance sheet. July 4 falls on a Monday and is a federal and banking holiday. C is the perfect setup for another mega cipher dump.
Arthur warns traders that if this scenario plays out and a major sell-off takes place, he sees the rest of the crypto markets taking a huge hit.
